This can be easily seen. Whether it is a sign for a reversal I am unsure. But considering ETHBTC reversed when something like this happened, XMRBTC may be next for a 10-20% increase or so.
I have heard XMR getting delisted from some exchanges so that may affect things a bit.
But what do I know. Good luck.
ETHBTC has 2 support levels now to battle the 100 EMA resistance, which is still being respected.
I think ETHBTC is in good position to break the 100 EMA, but as the days go on, the bearish perspective may win, or alternatively, my elliot wave pattern in previous chart will get weaker.
Volume will also be needed.
Just sharing my thoughts.
I see more through a bullish perspective in regards to ETHBTC.
It does seem like the selling pressure is not causing ETHBTC to go much lower and notice how we are curving and nearly forming a descending triangle with some bullish divergence with respect to RSI.
This could be a turning point for ETHBTC.
I predict Ethereum to rally hard until next year. Price target $1000 August 2020.
There is a cup & handle pattern that will push Ethereum to the slant resistance line. It will only be a matter of time.
Just showing the descending triangle formation. I am not the first one to spot this easy pattern obviously, but it goes along with my previous fractal analysis argument, which was less easier to spot.
I am neutral / bearish overall on ETHBTC.
I am quite neutral/bearish on BTC. This parabolic run did not have a proper pullback.
I do see a bit of a bearish divergence in terms of RSI and the movement of BTC.
Fibonacci tracing estimates that we are on the higher end of the price move as well. A drop could occur.
Good luck - not financial advice.
I know my recent call on LTC was incorrect (but it will drop just in a different way).
This time, I predict a bitcoin dump to around $4000 and then another attempt at breaking $5000 (but failing). From there it will go lower than $4000.
I say this because I've seen this same pattern occur with various other speculative stocks. As much as Bitcoin is not a...